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Old 01-11-2010, 03:32 PM
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Am I eligible for ROTH?

Appreciate your help on this; We have a husband and wife LLC partnership with two schedule k1 as follows for 2009

Schedule K1 for husband: Ordinary business income: Box1: 130,756
Schedule K1 for wife: Ordinary business income Box 1 : 14,529

Turbo tax says, the husband is not qualified for ROTH IRA.
we also have a SEP as well as SOLO 401K and we can contribute to either of these. So I tried maximizing the SEP or solo 401K,but even after that i get the message that the husband is not eligible for ROTH IRA.

I read that if Married filing jointly, the upper limit for ROTH IRA is 166,000; As you can see we are well below this limit. Why is Turbo tax is not allowing ROTH for the husband? Thanks again for the help



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Old 01-28-2010, 12:53 PM
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What is your Adjusted gross income (AGI)?



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Old 01-28-2010, 12:58 PM
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Quote:
Originally Posted by CowboyMC View Post
What is your Adjusted gross income (AGI)?
69,900 after contributing 50K to solo 401K



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